Businesses leaders provide feedback on Minnesota Chamber legislative initiatives during a regional policy session in Bloomington. Randy Reinke, president and CEO, Custom Products of Litchfield, moderates a Grow Minnesota! panel on how businesses can prepare and maximize their growth as Minnesota emerges from the recession. Andrea Walsh (from left), chair-elect of the Minnesota Chamber Board, President David Olson and Board Chair Dave McMillan attend the Governors’ Summit in Washington, D.C., hosted by the U.S. Chamber of Commerce. The winning foursome from the 2010 golf tournament held in Duluth at Northland Country Club. From left to right: Rebecca Klett, Lockridge Grindal Nauen P.L.L.P., Tom Reinhart, Kwik Trip, Inc., Steve Lasky, Dairy Queen and Nate Mussell, Lockridge Grindal Nauen P.L.L.P. Nearly 60 alumni from Leadership Minnesota toured the Prairie Island nuclear power plant in Red Wing. The program, exclusive to the Minnesota Chamber, provides an inside look at the state's changing economy and the issues that will shape its future. Andrea Walsh (from left), chair-elect of the Minnesota Chamber Board, President David Olson and Board Chair Dave McMillan attended the Governors’ Summit in Washington, D.C., hosted by the U.S. Chamber of Commerce. The event coincided with the release of the report, “Enterprising States,” which highlights successful state strategies for job creation and economic growth.

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Employee Benefits: Life and Disability Insurance

ING

Website: www.ing-usa.com

ING Employee Benefits has designed a range of insurance products and services exclusively for Minnesota Chamber members:

» Basic and Voluntary Group Term Life and Disability Insurance
» Disability Income Products and Services

Basic & Voluntary Term Life Insurance:
Designed exclusively for Minnesota Chamber members, ING Employee Benefits has designed a basic and voluntary group term life and disability insurance plan.
    Attractive Standard Features:
  • Available to member employers with 2 or more employees.
  • Basic life coverage options: flat $10,000, flat $20,000, and one times salary to $50,000.
  • Guaranteed issue level is based on employer size.
Covered Lives
Less than 15
15 to 49
50 lives or more
Amount
$20,000
1x salary to $50,000 ($25,000 minimum)
Per ING Guidelines (case by case)

Waiver of premium if an employee becomes totally disables* before age 60. Accelerated life benefit, which allows a terminally ill employee* to collect up to 50 percent of insurance benefits (Defined in the certificate).

    Optional Features:
  • Supplemental employees coverage, from $25,000 up to $500,000 (in $25,000 increments).
  • Dependent coverage of $5,000 or $10,000.
  • Accidental Death, in a coverage accident, doubles the benefit amount. In addition, the dismemberment benefit adds a portion of the benefit amount for covered accidents.
    Value-added Services:
  • Communication Support, including an attractive brochure explaining the benefits and educating employees about the importance of life insurance.
  • Customized enrollment support, including a customized personal fact sheet with optional benefits and rates for each employee and a customized application form.

Supplemental Life Rates. Rates per $1,000 per month.

Age Rates
Less than 25 years
25 - 29 years
30 - 34 years
35 - 39 years
40 - 44 years
45 - 49 years
50 - 54 years
55 - 59 years
60 - 64 years
65 - 69 years
70 or more years
$.06
$.07
$.09
$.11
$.17
$.29
$.48
$.75
$1.17
$2.10
$3.79
    Assumptions:
  • Supplemental accidental death and dismemberment coverage: $.04 per month per $1,000 of coverage.
  • Dependent coverage: $5,000 benefit for $.90 per month, $10,000 benefit for $1.80 per month.
  • Employees must be active full time employees working at least 30 hours per week.
  • Suicide is excluded during the first two years of employee paid coverage.
  • Minimum participation requirement of 25 percent.
  • A takeover plan, with full grandfathered amounts, is available on a guaranteed issue basis.
  • Coverage reduces to 65% at age 65; to 50% at age 70; and to 30% at age 75.
  • Rates are subject to change.
Disability Income Insurance
ING Employee Benefits is please to offer a full spectrum of disability income products and services, designed especially for employees of companies who are members of the Minnesota Chamber of Commerce.

Short Term Disability (STD):
Income protection for employees in employer-sponsored plans insured by ING Employee Benefits.

STD rates available for employees of participating Chamber members with less than ten coveraged employees. Rates per $10 of covered benefit.

Age 13-week benefit 26-week benefit
Less than 30 years
30 - 39 years
40 - 49 years
50 - 54 years
55 - 59 years
60 - 64 years
70 years or more
$.46
$.46
$.49
$.58
$.76
$.88
$1.00
$.58
$.58
$.64
$.77
$1.01
$1.17
$1.34
    Short Term Disability Highlights:
  • 1st day accident/8th day sickness
  • 13 or 26 week benefit duration
  • 12/24 Pre ex for groups of less than 50 lives
  • 3/12 Pre ex for groups of more than 50 lives
  • Includes residual coverage
  • Non-occupational coverage only
  • First day hospital coverage is not included
  • Full 12 month rate guarantee
  • 60% benefit to a weekly maximum of $1,500
  • $25 minimum
  • Groups with fewer than 10 lives are step rated
  • Groups with over 10 lives are manually rated on a composite basis.
  • Groups with more than 50 lives have customized plans.

Long Term Disability:
Income protection, for employees in employer-sponsored plans insured by ING Employee Benefits.

All participating members are eligible for a premium holiday if the LTD plan meets the year-end target loss rates.

Age 3-Month Elimination Period 6-Month Elimination Period
Less than 25 years
25 - 29 years
30 - 34 years
35 - 39 years
40 - 44 years
45 - 49 years
50 - 54 years
55 - 59 years
60 years or more
$.23
$.29
$.385
$.50
$.645
$.84
$1.09
$1.42
$1.85
$.18
$.24
$.31
$.40
$.52
$.68
$.88
$1.15
$1.49
    Long Term Disability Highlights:
  • 3 or 6 month elimination period
  • 60% benefit
  • $100 to $5,000 monthly coverage
  • Coverage to age 65
  • Full family integration
  • 24 month "own Occ."
  • 24 month M&N/Chem. Dep. Limitation
  • 3 month survivor benefit
  • 12/24 Pre ex for groups of less than 50 lives
  • 3/12 Pre ex for groups of more than 50 lives
  • 50 lives
  • RTW incentive included
  • 10% flat commissions
  • 2 year rate guarantee
  • Groups with fewer than 10 lives are step rated
  • Groups with over 10 lives are manually rated
  • Groups with more than 50 lives have customized plans

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